PUBLISHER: Allied Market Research | PRODUCT CODE: 1513374
PUBLISHER: Allied Market Research | PRODUCT CODE: 1513374
The electronics components market was valued at $0.6 trillion in 2023 and is estimated to reach $1.0 trillion by 2032, exhibiting a CAGR of 6.9% from 2024 to 2032.
Electronics components, within the context of the market, encompass a wide range of fundamental building blocks essential for the functioning of electronic devices and systems. These components include resistors, capacitors, inductors, diodes, transistors, integrated circuits, connectors, and various passive and active electronic elements. They serve as the foundational elements upon which electronic circuits are built, facilitating the flow of electric current, signal processing, voltage regulation, and other crucial functions necessary for the operation of electronic devices across diverse industries.
The nature of the electronics components market is described as dynamic and ever-changing due to swift technological advances, shifting customer preferences, and industry trends that change over time. The electronic component landscape keeps being reshaped by technological innovations such as miniaturization, improved efficiency, and new functionalities. Component manufacturers are faced with new opportunities and threats in emerging technologies like 5G, the Internet of Things (IoT), artificial intelligence (AI), and self-driving cars. Moreover, globalization and supply chain interdependencies influence market dynamics thereby affecting pricing, availability, and quality of electronic components among other factors. The shift in consumers taste towards environmentally friendly and sustainable electronic goods has therefore necessitated manufacturing environmentally conscious components through sustainable manufacturing processes. Lastly, regulatory standards conformity significantly influences product development strategies for electronics component manufacturers including manufacturing practices as well as market entry strategies for electronics component suppliers. Amongst all these variables adaptability; innovative technology advancement; an understanding of the business model; and strategic partnerships helped navigate through the complexities of this market sector guaranteeing competitiveness in a continuously evolving environment.
Based on type, the market is divided into active components, passive components, and electromechanical components. In 2022, active components dominated the market in terms of revenue. Moreover, the passive components segment is projected to have the highest CAGR during the forecast period. Passive constituents are believed to be the fastest-growing segment with the highest annual CAGR during the forecast period due to their significance across various electronic applications like telecommunications, automotive electronics, and consumer electronics. Passive elements such as resistors, capacitors, and inductors will witness a boom due to the rapid popularity of IoT devices, smart appliances, and electric vehicles. Besides, the wide adoption of these components across various industry domains can be attributed to improved passive component technologies including miniaturization, better performance levels as well as increased overall reliability.
On the basis of application, the market is classified into consumer electronics, automotive, industrial automation, telecommunication, aerospace and defense, healthcare, energy and power, and others. In 2022, the consumer electronics segment dominated the market in terms of revenue. However, the automotive segment is expected to manifest the highest CAGR during the forecast period. The automotive sector in the electronics components market is the fastest growing due to the increasing complexity and popularity of automotive electronics, advancements in technologies such as electric vehicles and smart features, and the growing demand for vehicles, especially in the Asia-Pacific region.
By region, the electronics components industry opportunity is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, and the rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), Latin America (Brazil, Argentina, and rest of Latin America), and Middle East and Africa (UAE, Saudi Arabia, and rest of Middle East and Africa). Asia-Pacific holds a major share in the global electronics components market in the year 2023, owing to the presence of major players such as Samsung Electronics, Taiwan Semiconductor Manufacturing Company Limited, Sony Corporation, Panasonic Corporation, and Murata Manufacturing Co., Ltd.
Additional benefits you will get with this purchase are:
Possible Customization with this report (with additional cost and timeline, please talk to the sales executive to know more)